Retirees on Social Security look forward to the announcement of the cost-of-living adjustment (COLA) for the coming year. The amount added to the monthly benefit depends on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The Bureau of Labor Statistics compares the CPI-W for the months of July, August, and September as an average from the previous year with the current year. In this case, it’s for that quarter in 2021 versus the 2022 quarter.
The Social Security Administration (SSA) is expected to announce the 2023 COLA on October 13.
There have been years when the CPI-W didn’t change, and no COLA was authorized.
The good news for seniors is they may be looking at the largest increase since they started collecting benefits. Last year’s COLA called for a 5.9 percent hike, which added about $93 a month to the average benefit.
Analysts who track the COLA currently believe the 2023 rise could range from 8.7 percent to 10.8 percent, given the sharp spike in inflation in 2022.
Council of Seniors Wants Stronger Benefits for You
Extra income during high inflation is truly welcome. That’s why here at Council of Seniors, we’ve been working hard to get Congress to pass The SAVE Benefits Act. Because the Social Security cost-of-iving adjustment (COLA) has been skipped over a series of years, we need this bill. If passed, the $581 that belongs to seniors will be returned.
By signing our petition, you’ll join the many Americans urging Congress to make this a priority.
Do you look forward to the annual COLA increase? Leave us a comment and let us know.
We’d love for you to connect with us on Facebook and Twitter!